The UK business (EAUS) is continuing to improve ahead of guidance as expected and its turnround can now be judged a success. Management has announced an aggressive plan to extract synergy from the recently acquired Thus

Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable

In our view the potential for synergies from an acquisition of Thus by C&W, though more limited than might be supposed, would still have a significant impact on the combined entity at the EBITDA level

Vodafone’s Q4 revenues were healthy if a little weak, with underlying growth slowing from 2.0% to 1.8%, but the improvement in Germany is very welcome

International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge

Vodafone UK has announced a tariff refresh that includes ‘free’ mobile browsing with all of its new contract plans

Vodafone’s European performance was very solid, with underlying growth of 1.9%, up from 1.7% last quarter, with some very encouraging moderation to price cuts in Germany and elsewhere

International performance was hit by problems in Jamaica and was weak generally except for Panama and Macau

Vodafone’s European revenue growth has dropped again in the latest quarter, both relative to the prior quarter and its competitors, with Spain performing particularly poorly

Ofcom is proposing taking back and re-auctioning over 30% of Vodafone and O2’s 2G spectrum as part of more general plans for ‘refarming’ 2G spectrum to allow its use for 3G services